MUMBAI: HDFC Financial institution has reported a internet revenue of Rs 16,511 crore for the quarter ending March 2024. This can be a 37 per cent improve from Rs 12,047 crore in the identical quarter final 12 months and a marginal improve from Rs 16,372 crore within the previous quarter. The rise in post-tax income was as a result of a writeback of taxes value Rs 749 crore, versus a tax outgo of Rs 3,888 crore in the identical quarter final 12 months.
Pre-tax income have been down 1.1 per cent at Rs 15,762 crore, in comparison with Rs 15,935 crore in the identical quarter final 12 months.
The decline in working revenue was due to an enormous provisioning of Rs 13,511 crore in the course of the quarter. This was a rise of 403 per cent from Rs 2,685 crore in the identical quarter final 12 months.
The financial institution made a floating provision of Rs 10,800 crore in the course of the quarter in step with board-approved coverage.
The financial institution’s credit score and deposits progress has been twice as a lot because the banking system. As of March 31, the whole deposits of the financial institution stood at Rs 23,79,800 crore. This marks a 26.4 per cent improve in comparison with the identical interval in 2023. Inside this, CASA deposits grew 8.7 per cent, with financial savings account deposits totalling Rs 5,98,700 crore and present account deposits amounting to Rs 3,10,000 crore.
In the meantime, time deposits rose to Rs 14,71,000 crore, rising 40.4 per cent from the corresponding quarter final 12 months. Consequently, CASA deposits accounted for 38.2 per cent of the whole deposits by the top of March 2024.
Asserting the outcomes, CFO Srinivasan Vaidyanathan stated the financial institution wouldn’t want to make use of pricing to develop its deposits. “We’re not value to be an incentive to herald the deposits,” he stated, including that the credit-deposit ratio adjusting for the influence of the merger was in step with pre-merger developments.
Pre-tax income have been down 1.1 per cent at Rs 15,762 crore, in comparison with Rs 15,935 crore in the identical quarter final 12 months.
The decline in working revenue was due to an enormous provisioning of Rs 13,511 crore in the course of the quarter. This was a rise of 403 per cent from Rs 2,685 crore in the identical quarter final 12 months.
The financial institution made a floating provision of Rs 10,800 crore in the course of the quarter in step with board-approved coverage.
The financial institution’s credit score and deposits progress has been twice as a lot because the banking system. As of March 31, the whole deposits of the financial institution stood at Rs 23,79,800 crore. This marks a 26.4 per cent improve in comparison with the identical interval in 2023. Inside this, CASA deposits grew 8.7 per cent, with financial savings account deposits totalling Rs 5,98,700 crore and present account deposits amounting to Rs 3,10,000 crore.
In the meantime, time deposits rose to Rs 14,71,000 crore, rising 40.4 per cent from the corresponding quarter final 12 months. Consequently, CASA deposits accounted for 38.2 per cent of the whole deposits by the top of March 2024.
Asserting the outcomes, CFO Srinivasan Vaidyanathan stated the financial institution wouldn’t want to make use of pricing to develop its deposits. “We’re not value to be an incentive to herald the deposits,” he stated, including that the credit-deposit ratio adjusting for the influence of the merger was in step with pre-merger developments.
